Avita Medical falls on 2023 revenue forecast cut

AVITA Medical

21/11/2023 14:44

** Shares of Avita Medical  RCEL.O  fall 15.4% to $10.6 in
early trade
    ** Late Monday, the skin therapy-maker cut its 2023 revenue
outlook to about $49.5-$50.5 mln, from its previous forecast
$51-$53 mln 
    ** Co said that this is due to slower-than-expected uptake
by healthcare providers that manage medical and surgical product
use
    ** RCEL's long-term growth opportunity remains intact, and
we continue to expect strong revenue growth acceleration in 2024
- TD Cowen
    ** All 8 brokerages covering RCEL rate the stock "buy" or
higher; their median PT is $21.5
    ** Including session's loss, stock up 90% YTD 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))